Peter Fitzgerald

“We made no changes to the asset allocation which is 45 per cent equities, 45 per cent alternatives and 10 per cent fixed income. We used the equity correction to simply rebalance the portfolio to this allocation and we are satisfied that our managers are delivering good returns despite the turbulent markets. If you lend lots of money to people with poor credit histories in a rising interest rate environment, you will generally have some trouble, but the main issue this time is that nobody really knows where those liabilities are. We have no exposure to subprime debt and do not seek to invest in credit focused hedge funds.”